MCX Gold has, on the hourly mode, moved up above previous swing high. Price after a steep rally witnessed a pause in the previous session. On the lower end, support is visible at 40700/40650. On the higher end, price has resistance at 40850/41050/41220. MCX Crude, has moved above previous swing high on the hourly chart, which is positive set up.On the lower end, price has support at 3700/3660 over the near term. On the higher end, resistance is visible at 3740/3770. MCX Copper has been range bound for the last few days as it failed to move significantly on a particular direction. On the lower end, support is seen at 433/430 where is resistance side is 437/ 439.
Oil prices were sharply lower Tuesday, snapping a five-day rally, with investors returning to fretting about how fuel demand will be affected by the impact of China’s deadly coronavirus.Gold futures rallied on Tuesday to log their highest finish since late March 2013, with analysts attributing the rise to expectations for central bank stimulus as the spread of COVID-19 raised concerns about the global economy.
Gold showed bullish movement and break major resistance level of 41300. Now if price maintains on higher level then it will test next resistance level of 41800. On other side 40700 will be major support level.
Silver showed bullish movement and break major resistance level of 46400. Now if price maintains on higher level then it will test next resistance level of 46800. On other side 45400 will be major support level.
Crude oil showed bearish movement and major resistance level of 3750. Now if price sustains on above 3700 level then it will test next resistance level of 3800. On other side 3600 will be major support level.
Copper showed bearish movement and major resistance level is 438. Now if price sustains on lower level then it will test next support level of 428. And next support is 425 act as mahor support
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